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08.05.201906:38 Forex Analysis & Reviews: Forecast for GBP/USD on May 8, 2019

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GBP/USD

Yesterday, the pound sterling fell by 21 points. The British currency tried to gain a foothold below the MACD line of the daily scale, but the strength of the indicator line, reinforced by supporting the Fibonacci level of 38.2%, has so far been stronger. Also, on a four-hour scale, the price was supported by the balance line indicator. Price development above the balance line indicates a growing trend; price development below the balance line shows a shift in market sentiment towards selling. The leading indicator of marlin on H4 consolidated in the negative zone - the prerequisites for a decline have increased.

Currently, the formalized indicators show the pound's predominant growth, the first goal of which is the correction level of 61.8% at a price of 1.3183. But for the main scenario, we still accept a decrease in price, that is, its consolidation below 1.3061 followed by a move towards 1.2986, for the reason that it is easier for the market to repeat yesterday's operation by overcoming support than to abandon it with unclear prospects. The prospect of lowering the range to 1.2772-1.2814.

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